Ex-Loan Peddler Cops Guilty Plea In I.D. Theft Scam Where He Used His Position To Process Mortgage Applications For Unwitting Victims Who Hadn't Applied For Credit; Defendant 'Sold' His Own Home To One 'Buyer-Borrower' For $300K+ Profit

From the Office of the U.S. Attorney (Alexandria, Virginia):

• Kenneth H. DiPasquale, 37, of Morgantown, W.V., pleaded guilty [...] to conspiracy to commit mail, wire, and bank fraud and aggravated identity theft in connection with his role in fraudulent mortgage loan transactions, including the sale of his own home to a buyer whose identity he had stolen and to whom he “sold” the property for a nearly $320,000 profit. 

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• According to court records, DiPasquale was employed in 2007 as a loan officer at Citywide Mortgage, a mortgage lender located in Landover, Md. DiPasquale used that position to process loans based on false and fraudulent information, including for borrowers who had not even applied for loans and who had no idea their names and identities had been used as the borrowers in the transactions.
  
  In particular, when DiPasquale had trouble selling his own home in Bowie, Md., in October 2007, he stole the identity of an individual living in Arlington, Va., and “sold” this victim his house at a nearly $320,000 profit. The transaction involved fraudulent loan documents and an associate playing the role of the buyer at closing. The victim had no idea the property had been purchased in his name until the loans defaulted, the lenders came collecting, and the homeowner’s association sued the unsuspecting victim for unpaid dues.

For the U.S. Attorney press release, see Former Maryland Loan Officer Pleads Guilty To Mortgage Fraud And Identity Theft.